Our Most Valuable Portfolio Company Yet

Anthropic has just announced a $13B fundraising round at a $183B post-money valuation, representing a 2.5x increase in price per share. To put this in perspective, that’s more than twice the market value of Petrobras, Brazil’s largest company.

Anthropic hit $5B in ARR in July 2025, up from $1B at the end of 2024 and up from $10M! in 2022. The company is currently projecting $9B in ARR by the end of 2025, making Anthropic one of the fastest-growing technology companies in history.

Enterprise and startup API calls continue to drive 75% of Anthropic’s revenue through pay-per-token pricing, with Claude Sonnet 4 charging $3 per million input tokens and $6 per million output tokens. 

Anthropic distributes its models primarily through AWS Bedrock and Google Vertex AI. Its API business has already surpassed OpenAI’s and has become a major revenue driver for both AWS and Google Cloud — the company’s largest investors. In 2025, Anthropic’s API revenue is projected to grow 660%, compared to “just” 80% for OpenAI.

Code generation is Anthropic’s largest revenue driver, with its models widely regarded as the industry leader for programming tasks. The February 2025 launch of Claude Code as a standalone product reinforced this lead, with revenue scaling from an estimated $18M annualized in April 2025 to $400M by the end of July 2025.

Anthropic now serves over 300K business customers, and the number of large accounts — customers that each represent over $100K in run-rate revenue — has grown nearly 7x in the past year.

Looking forward, with the launch of MCP (Model Context Protocol), Anthropic is positioning Claude as a platform for enterprise AI integration. MCP lets developers connect Claude to real-time data, knowledge bases, and SaaS apps, enabling workflows beyond simple Q&A. Already capable of tool use and memory persistence — key steps toward autonomy — Claude is evolving into the intelligence layer for enterprise automation.

Conclusion

Anthropic is now Fabrica’s most valuable company ever.

And we believe there is still significant room for value creation ahead.